Well this analysis took forever.
The price broke above the Broadening Reverse Symmetrical Triangle (If there is such a thing) in June 2023.
If you held on this long to exit and bank a profit, you would be lucky if you even made some money considering the daily interest charges on CFDs...
However as a share and equity investor, this position would have been...
We sent out this update in July 2023, where a Vuvuzela (Broadening Formation) formed.
INstead of waiting for a breakout, we were playing with the pattern's range instead.
Since it bounced off the Support level it's been on the way to R4.75.
And you can see the price almost touched it, before retracing back to the uptrend line.
So have we been getting it...
Pan Africa initially formed a Boradening formation since July 2023.
We sent out that it was going to do nothing more than bounce in it's current support and pattern and head on up...
During the uptrend, it's been evident that the support level is strong and holding.
This means, it's in the process of forming a Diamond Formation.
The target remains at R4.75....
Pan Africa is forming a rare Broadening Triangle (Vuvuzela) pattern.
We can expect the price first to drop to R2.75 before it bounces off the support and heads to the next target of R4.75.
We'll be keeping an eye on this one...
ABOUT THE COMPANY
Pan African Resources is a mid-tier Africa-focused gold producer with a production history that spans several...
